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08 Jul

Crop insurance coverage decrease in FY20 as top four insurers cut risk

Priyanka RoyBusiness, latest

Despite pressure from the government to expand insurance coverage in the agriculture sector, general insurance companies reduced their exposure in crop insurance under the Pradhan Mantri Fasal Bima Yojana (PMFBY) during FY 2024. Gross direct premiums written by insurers declined 4.17 percent to Rs 30,677 Crore during the financial year, compared to Rs 32,011 Crore in the previous year, while farmers faced crop losses due to floods, unseasonal rains and heat waves. Crop insurance premium had improved by 8.66 percent to Rs 29,465 Crore in the previous financial year (FY23). According to data released by the General Insurance Council, the…

06 Jul

Gujarat sees 55% jump in FDI inflows in FY 2023-24

Priyanka RoyBusiness, latest

According to data released by the Department for Promotion of Industry and Internal Trade (DPIIT) under the ministry, Gujarat recorded a 55 percent ($2.6 billion) increase in FDI inflows during FY 2023-24 compared to FY 2022-23. It received $7.3 billion in FY 2023-24 compared to $4.7 billion in FY 2022-23. With FDI inflow of $7.3 billion, Gujarat reached the second position in the country, surpassing Karnataka and Delhi. Gujarat has improved in attracting FDI for 3 successive financial years by securing investments of $2.7 billion in FY2022, $4.7 billion in FY2023 and $7.3 billion in FY2024. Speaking about Gujarat's performance…

05 Jul

NK Singh says India needs to maintain growth path for next two decades

Priyanka RoyBusiness, latest

NK Singh is the co-convenor of the High Level Expert Group on Reforms of bilateral Development Banks (MDBs) constituted by the G20 and the Chairman of the New Delhi-based Institute of Economic development.Chairman of the 15th Finance Commission and former Rajya Sabha MP NK Singh on Wednesday said that India needs to uphold its current expansion path for the next two decades as it hopes to accomplish developed nation status. Singh was awarded an Honorary Fellowship by the London School of Economics and Political Science at a ceremonial in London.In his acceptance speech titled "The India Era", Singh highlighted the…

04 Jul

Rupee decrease 1 paise to close at 83.50 against US dollar

Priyanka RoyBusiness, latest

Resisting pressure from higher crude oil prices, the rupee pared its early losses and closed on an almost flat note at 83.50 (provisional) against the US dollar on Thursday.Forex traders said domestic equities witnessed a positive trend, with benchmark indices hitting all-time highs, and significant foreign fund inflows supported the rupee and stemmed the decline.At the interbank forex market, the local unit opened at 83.52 and hit an intraday high of 83.48 and low of 83.56 against the American currency during the session.It finally closed at 83.50 (provisional) against the dollar, which is 1 paise lower than its previous close.…

03 Jul

IREDA shares expansion 7% to new record high; What is behind the rally?

Priyanka RoyBusiness, latest

Shares of IREDA rose nearly 7 percent to an all-time high of ₹224.6 on the National Stock Exchange (NSE) amid high trading volumes on July 3. A total of 1.37 million shares were traded in the group transaction, indicating significant interest from investors. Interest and activity in stocks.In the last session, 5 million shares of IREDA were exchanged in the block deal, amounting to 0.16 percent of the total equity. The total transaction value of the block deal was reported to be ₹100 crore. Last week, another significant transaction took place in IREDA, with 8.92 million shares or 0.35 percent…

02 Jul

GST collections flourish 7.7% to Rs 1.74 lakh Crore in June; slowest growth rate in 3 years

Priyanka RoyBusiness, latest

Gross goods and services tax (GST) collections in June (for May sales) rose 7.7 percent year-on-year to Rs 1.74 lakh Crore, sources said on Monday. This is the slowest rate of growth in GST collections in three years, before which a slower pace of growth was recorded in June 2021. With this release on Monday, which also happened to be the seventh anniversary of the implementation of the indirect tax regime, the government put on hold the official release of monthly gross GST collections, which was usually announced on the first day of every month. Sources said the government will…

01 Jul

ITC sees 24% increment in salaries above Rs 1 crore amid expansion and profit growth

Priyanka RoyBusiness, latest

ITC Limited has reported a significant growth in the number of employees earning more than Rs 1 crore annually, with a growth of 24.11% in FY24 compared to the previous year. According to the company's annual report, 68 additional high-ranking officers joined the top pay bracket, taking the total number to 350 in financial year 2023-24 from 282 in 2022-23.The substantial growth in high-income employees highlights ITC's expanded operations and profitability. The company spent Rs 6,134.35 crore on employee benefits on a consolidated basis in FY24, which includes Rs 5,352.94 crore in salaries and wages. This marks an increment of…

29 Jun

Home loan: RBI data shows outstanding upsurge by Rs 3.4 lakh crore in last one year

Priyanka RoyBusiness, latest

Home Loans: Recent data shared by the Reserve Bank of India showed that outstanding home loans grew at a faster rate in the last one year to May 2024. The credit growth is attributed to the housing sector, which represents the largest share of the personal loan segment. There was an increase of 16.9% in May 2024 by Rs 3.40 lakh crore, taking the total to Rs 23.49 lakh crore. Home loans increased by 13.8% in May 2024 compared to the previous year and totaled Rs 20.09 lakh crore.In comparison, personal loan growth slowed to 17.8% year-on-year in May 2024,…

28 Jun

RBI expresses concern over high default levels in personal loans below Rs 50,000

Priyanka RoyBusiness, latest

The Reserve Bank of India (RBI) on Thursday expressed concern over the consumer loan segment, especially the personal loan segment below Rs 50,000, where delinquency levels remain high. RBI said more than half of the borrowers in the customer loan segment have 3 live loans running at the same time. “In the consumer credit sector, there are some concerns which require close monitoring. First, delinquency levels remain high among borrowers with personal loans less than Rs 50,000,” RBI's Financial Stability Report (FSR) said. At present, personal loans below Rs 50,000 constitute 0.4 percent of the total outstanding retail loans of…

27 Jun

Zomato jump its ‘Restaurant Service Centers’ across India

Priyanka RoyBusiness, latest

Online food ordering and delivery platform Zomato on Thursday said it is expanding its 'Restaurant Service Centre', a one-stop solution to help restaurants expand across the country. Through its Restaurant Services Centre, Zomato currently provides services related to staffing and licensing in restaurants. Over the past six months, the Restaurant Service Center has already served over 3,200 restaurants and will be extended to all restaurants across India, irrespective of their arrangement with Zomato, the company said in a statement. The company seeks to provide assistance in overcoming the complexities of running a restaurant, from locating the ideal location and finding…